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THIRD
REPLACEMENT
RENEWAL AND EXTENSION
PROMISSORY NOTE
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$2,782,900.59
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Oklahoma City, Oklahoma
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For value received, the undersigned, The Beard
Company, an Oklahoma corporation (the “Maker”), agrees
to all of the terms of this Promissory Note (this
“Note”) and promises to pay to the order of William M.
Beard and Lu Beard as Trustees of the William M. Beard and Lu Beard
1988 Charitable Unitrust (individually and collectively called the
“Holder”), at Enterprise Plaza, Suite 320, 5600 N. May,
Oklahoma City, Oklahoma 73112, or at such other place as may be
designated in writing by the Holder of this Note, the principal sum
of Two Million Seven Hundred Eighty-Two Thousand Nine Hundred and
59/100ths Dollars ($2,782,900.59) plus all interest accruing
thereon. This Note will be payable as follows:
Prior to Default the unpaid principal balance of
this Note will bear interest at the rate of ten percent (10%) (the
“Applicable Rate”). Interest will commence to accrue on
the unpaid principal balance of this Note on the date hereof and
thereafter until this Note is paid in full. Interest will be
computed for the actual number of days elapsed at a per diem charge
based on a year consisting of three hundred sixty (360) days. All
payments will be applied first to any accrued interest on this Note
and the remainder to the principal balance of the Note. The
outstanding principal balance plus unpaid accrued interest are due
and payable on April 1, 2009.
Except as otherwise defined herein, all terms
defined in the Restated and Amended Letter Loan Agreement dated
June 13, 2007, between the Maker and the Holder (the “Loan
Agreement”) will have the same meanings as therein, and the
Holder recognizes that it is subject to all of the provisions set
forth in the third paragraph of the Amendment to Restated and
Amended Letter Loan Agreement dated June 25, 2004 (the
“6/25/04 Amendment”). Both principal and interest owing
pursuant to the terms of this Note are payable in the lawful
currency of the United States of America and in immediately
available funds. All payments made on this Note will be applied to
this Note when received by the Holder hereof in collected funds.
Any sum not paid when due will bear interest at the rate equal to
the Applicable Rate plus five percent (5.0%) and will be paid at
the time of, and as a condition precedent to, the curing of any
Event of
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